(Newser)
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BP is talking with Apache Corp. about possibly selling $18 billion worth of assets including a stake in Alaska's Prudhoe Bay oil field, the Sunday Times reports. BP spokesman Robert Wine and Apache spokesman Bill Mintz both said their companies would not comment on "speculation." The Sunday Times said Apache, based in Houston, was discussing the possibility of acquiring BP assets. The newspaper did not cite a source for its report.

BP has said it plans to raise $10 billion this year selling assets, but analysts said is likely simply speeding up an ongoing program. The company agreed last month to set aside some assets as security while it builds up a $20 billion compensation fund agreed upon with the US government to guarantee that the oil company pays for all the damage from the massive Gulf Coast oil spill.

This is great news because the more of their assets they sell off the less they have in this continent to mess up. This company has the worst record of violations than any other oil company and needs to be eliminated from doing business in this area ever again.

Jetmorrison

Jul 11, 2010 10:06 AM CDT

The company agreed last month to set aside some assets as security while it builds up a $20 billion compensation fund agreed upon with the US government to guarantee that the oil company pays for all the damage from the massive Gulf Coast oil spill. -- And what if the damages exceeds $20 billion? Does this include the cost of the lost jobs of all the families living in that area for the next 5 years or more?

winterfairy

Jul 11, 2010 8:56 AM CDT

I have no love for these scoundrels. I hope they pay and pay. Let the next person that thinks about cutting costs to save a few bucks get thrown out of the meetings. I know, I have been in the meetings, paying through the nose is the only thing they understand.